What if your contract management could be automated? The Contract Management Lifecycle automates and streamlines contract processes during key stages of the business relationship. The standard features cover all your contract needs so you can focus on growing your business.
What Are The Stages Of A Contract Management Lifecycle?
The different stages of a Contract Management Lifecycle are important for streamlining processes and automating as much as possible. The lifecycle itself is broken down into four phases: initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management and compliance, and renewal. While there is no specific way to divide up these phases, they usually break down like this Initiation-The first step in a contract management lifecycle is identifying if an agreement exists or not. The contract management lifecycle is dependent on each organization’s needs. This means that while there are different parts of a contract, they may vary in terms of what they entail. The first step in identifying how to set up your contract management lifecycle involves figuring out where you want to streamline and automate processes, as well as where there are areas of uncertainty or risk.
For example, when setting up a new agreement, do you think it’s necessary to have everything drafted from scratch? Or can some parts be reused from prior agreements? Do you have time constraints for certain phases of your process? Answers to these questions will help determine what workflow or specific steps are important for automating or standardizing so that your contracts follow an efficient and effective process. The stages of a Contract Management Lifecycle are broken down into four phases. These include initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management and compliance, and renewal. It’s important to understand that there is no standardized process for contract lifecycles because each business has unique needs which dictate how they can best streamline their processes. As such, you may find that your organization requires more or fewer steps to be efficient.
Benefits of Automating Your Contract Management Lifecycle
When your Contract Management Lifecycle is automated, you’ll save time and money by streamlining workflow, accelerating processes, and minimizing manual data entry. Automating also helps ensure that all your records are up-to-date, consistent, and accurate helping you comply with internal policies as well as any third-party mandates. You’ll also have a faster time to market with new products, more quickly respond to changing customer demands, avoid costly legal issues and stay ahead of the competition in these turbulent times. With automated contract management lifecycle software at your fingertips, there’s no reason not to take advantage of all these benefits! Contact us today for more information on how our technology can help you achieve your goals.
Automating your Contract Management Lifecycle is not only highly effective, but it’s also easy. Through a secure online system, our technology allows you to administer, execute and manage contracts from start to finish anywhere in your organization. You can access an array of features and services that automate many processes so you can save time and money while streamlining workflow. And because our software is based, there’s no software to install or upgrade at any time so everything is more secure and efficient than ever before. Moreover, managing agreements can be time-consuming because many processes are paper-based making them prone to error and subject to delay.
How to Automate and Streamline Your Contract Processes?
One of the core product features is Contract Management Lifecycle. It automates and streamlines contract processes during key stages. By automating these processes you will increase your efficiency by having fewer human errors in performing each step during a complex contract lifecycle. Further to that, it will also reduce your time spent manually transferring documents from one system to another.
As a business or organization, you need to be efficient and keep your costs down. Automating your processes will help you with both of these, as well as increase accuracy across all steps during a contract’s life cycle. Streamlining them will also increase efficiency, by giving each fewer tasks to perform which are easier to complete. This can increase overall speed in executing contracts and eliminate human error through reduced repetition within one organization. When should you consider implementing Contract Management Lifecycle? Contract management is applicable at almost any stage of a business’s operations.